Devendra (Chartered Accountant) (4775 Points)
05 January 2012Mr. X has earned Short Term Capital gain during the year. He also has Brought Forward Long Term Capital Loss. As per my knowledge the b/f LTCL cannot be set off against STCG. But in Tax Base and the Income Tax Return (Excel Format) we are allowed to set off the b/f LTCL against STCG, am I correct or the ITR and Tax base are?
Please guide me.
Regards,
Devendra Kulkarni
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 05 January 2012
yes you are correct , LTC LOSS can be set off only against LTCG......
there might be some error in tax base or ITR check out..
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 05 January 2012
i have checked the ITR its calculating the set off as per income tax act's provisions....
deepak
(C.A & C.S Final)
(63 Points)
Replied 05 January 2012
According to the Intra Head Set-Off,
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